Itron completes acquisition of Actaris Metering Systems

By Lisa Kerner

Charlotte, N.C., April 18 - Itron, Inc. completed the $1.6 billion acquisition of Actaris Metering Systems, with Actaris' operations to remain fundamentally unchanged.

Malcolm Unsworth, Itron's former vice president of hardware solutions, has moved to Brussels to assume the day-to-day operations of the company as Actaris' senior vice president and chief operating officer. Philip Mezey, Itron's former vice president of software solutions, will become senior vice president and chief operating officer of Itron's North American operations.

The acquisition was financed by a $1.2 billion senior secured credit facility from UBS Investment Bank, according to a company news release.

Itron announced on Feb. 26 that it entered into an agreement to acquire all of the stock, convertible bonds and debt of Actaris.

Luxembourg-based Actaris designs and manufactures electricity, gas and water meters and associated systems.

Itron is an energy and water industry technology provider located in Liberty Lake, Wash.

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